technical analysis ripple

Ripple Price Technical Analysis – Can XRP/USD Move above $0.8500?

Avatar Aayush Jindal 2 years ago

Key Highlights

  • Ripple price traded as low as $0.8014 before starting a fresh upside wave against the US dollar.
  • There is a significant bearish trend line in place with resistance near $0.8480 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair has to break the trend line resistance and $0.8500 to accelerate higher in the near term.

Ripple price is making nice moves against the US Dollar and Bitcoin. XRP/USD buyers must clear a crucial hurdle near $0.8500 to push the price in the positive zone.

Ripple Price Upside Hurdle

Recently, we saw a sharp downside move from well above $0.9000 in Ripple price against the US Dollar. The price declined below the $0.8800 and $0.8500 support levels. It even broke the 76.4% Fib retracement level of the last upside leg from the $0.7810 low to $0.9241 high. The downside move was such that the price almost test the $0.8000 level. A low was formed at $0.8014 before buyers appeared and protected further losses.

Later, a fresh upside wave was initiated and the price moved above the $0.8200 resistance. There was a break above the 23.6% Fib retracement level of the last drop from the $0.9241 high to $0.8014 low. However, the price is facing a tough barrier near the $0.8480 level. A significant bearish trend line is in place with resistance near $0.8480 on the hourly chart of the XRP/USD pair. Moreover, the 38.2% Fib retracement level of the last drop from the $0.9241 high to $0.8014 low is near $0.8432 to act as a resistance.

Ripple Price Technical Analysis XRP USD

Looking at the chart, it seems like the price is struggling to break the $0.8480 resistance. Therefore, a proper close above $0.8480 and $0.8500 is needed for further gains. On the downside, the $0.8200 and $0.8000 levels are decent supports.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 50 level.

Major Support Level – $0.8200

Major Resistance Level – $0.8500

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial...

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